Balance Sheet
Total assets were
Total retail deposits increased
Total FHLB borrowings increased
As of
Asset Quality
Provision for loan losses increased
Net Interest Income
Net interest income increased
Non Interest Income
Non interest income decreased
Non Interest Expenses
Non interest expenses decreased
Stock Repurchase Program
In
Indiana Community Bancorp is a bank holding company registered with the
Board of Governors of the Federal Reserve System (the "Federal Reserve"),
which has been authorized by the Federal Reserve to engage in activities
permissible for a financial holding company. Indiana Bank and Trust Company,
its principal subsidiary, is an FDIC insured state chartered commercial bank.
Indiana Bank and Trust Company was founded in 1908 and offers a wide range of
consumer and commercial financial services through 20 branch offices in
central and southeastern
Forward-Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Indiana Community Bancorp undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q which disclosures are incorporated by reference herein.
INDIANA COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (dollars in thousands except share data) (unaudited) December 31, December 31, 2008 2007 Assets: Cash and due from banks $22,352 $20,082 Interest bearing demand deposits 234 20,470 -------- -------- Cash and cash equivalents 22,586 40,552 -------- -------- Securities available for sale at fair value (amortized cost $90,957 and $62,551) 91,096 62,306 Securities held to maturity at amortized cost (fair value $3,884 and $1,558) 4,467 1,557 Loans held for sale (fair value $2,907 and $7,250) 2,856 7,112 Portfolio loans: Commercial loans 221,766 207,590 Commercial mortgage loans 334,367 269,035 Residential mortgage loans 120,227 142,481 Second & home equity loans 104,084 103,560 Other consumer loans 20,532 27,345 Unearned income (241) (165) -------- -------- Total portfolio loans 800,735 749,846 Allowance for loan losses (8,589) (6,972) -------- -------- Portfolio loans, net 792,146 742,874 Premises and equipment 15,323 15,599 Accrued interest receivable 3,777 4,670 Goodwill 1,394 1,875 Other assets 35,728 32,261 -------- -------- Total Assets $969,373 $908,806 ======== ======== Liabilities and Shareholders' Equity: Liabilities: Deposits: Demand $71,726 $69,728 Interest checking 110,944 103,624 Savings 40,862 37,513 Money market 156,500 185,803 Certificates of deposit 314,425 301,146 -------- -------- Retail deposits 694,457 697,814 -------- -------- Brokered deposits 5,420 9,174 Public fund certificates 10,762 563 -------- -------- Wholesale deposits 16,182 9,737 -------- -------- Total deposits 710,639 707,551 -------- -------- FHLB borrowings 134,639 99,349 Short term borrowings 0 20 Junior subordinated debt 15,464 15,464 Other liabilities 16,619 18,968 -------- -------- Total liabilities 877,361 841,352 -------- -------- Commitments and Contingencies Shareholders' equity: No par preferred stock; Authorized: 2,000,000 shares Issued and outstanding: 21,500 and none 20,962 0 No par common stock; Authorized: 15,000,000 shares Issued and outstanding: 3,358,079 and 3,369,965 shares 20,985 20,305 Retained earnings, restricted 50,670 48,089 Accumulated other comprehensive loss, net (605) (940) -------- -------- Total shareholders' equity 92,012 67,454 -------- -------- Total Liabilities and Shareholders' Equity $969,373 $908,806 ======== ======== INDIANA COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (unaudited) Three Months Ended Year to Date December 31, December 31, 2008 2007 2008 2007 Interest Income: Short term investments $12 $199 $462 $1,116 Securities 815 693 2,878 2,688 Commercial loans 2,923 3,791 12,670 14,538 Commercial mortgage loans 4,960 4,503 18,736 16,766 Residential mortgage loans 1,897 2,478 8,516 10,471 Second and home equity loans 1,454 1,836 6,186 7,342 Other consumer loans 437 544 1,890 2,280 -------- -------- -------- -------- Total interest income 12,498 14,044 51,338 55,201 -------- -------- -------- -------- Interest Expense: Checking and savings accounts 308 463 981 1,761 Money market accounts 611 1,611 2,867 5,869 Certificates of deposit 2,760 3,592 12,265 14,317 -------- -------- -------- -------- Total interest on retail deposits 3,679 5,666 16,113 21,947 -------- -------- -------- -------- Brokered deposits 91 113 426 665 Public funds 76 6 185 47 -------- -------- -------- -------- Total interest on wholesale deposits 167 119 611 712 -------- -------- -------- -------- Total interest on deposits 3,846 5,785 16,724 22,659 -------- -------- -------- -------- FHLB borrowings 1,234 1,054 5,059 3,884 Other borrowings 0 0 1 8 Junior subordinated debt 171 286 765 1,110 -------- -------- -------- -------- Total interest expense 5,251 7,125 22,549 27,661 -------- -------- -------- -------- Net interest income 7,247 6,919 28,789 27,540 Provision for loan losses 1,021 572 4,292 1,361 -------- -------- -------- -------- Net interest income after provision for loan losses 6,226 6,347 24,497 26,179 -------- -------- -------- -------- Non Interest Income: Gain on sale of loans 288 390 1,446 1,497 Loss on securities 0 0 (437) 0 Investment advisory services 0 491 1,371 1,874 Service fees on deposit accounts 1,740 1,692 6,791 6,574 Loan servicing income, net of impairment 138 145 551 571 Miscellaneous 528 669 2,218 2,338 -------- -------- -------- -------- Total non interest income 2,694 3,387 11,940 12,854 -------- -------- -------- -------- Non Interest Expenses: Compensation and employee benefits 3,411 4,129 15,843 16,426 Occupancy and equipment 1,012 1,070 4,159 4,086 Service bureau expense 483 414 1,917 1,637 Marketing 180 268 1,241 1,141 Miscellaneous 1,501 1,435 5,674 6,484 -------- -------- -------- -------- Total non interest expenses 6,587 7,316 28,834 29,774 -------- -------- -------- -------- Income before income taxes 2,333 2,418 7,603 9,259 Income tax provision 824 776 2,600 3,136 -------- -------- -------- -------- Net Income $1,509 $1,642 $5,003 $6,123 ======== ======== ======== ======== Basic earnings per common share $0.43 $0.48 $1.47 $1.75 Diluted earnings per common share $0.43 $0.47 $1.47 $1.72 Basic weighted average number of shares 3,358,079 3,433,670 3,359,666 3,492,615 Dilutive weighted average number of shares 3,358,079 3,473,101 3,365,131 3,560,603 Dividends per share $0.120 $0.200 $0.640 $0.800 Supplemental Data: Three Months Ended Year to Date (unaudited) December 31, December 31, 2008 2007 2008 2007 Weighted average interest rate earned on total interest-earning assets 5.65% 6.86% 5.97% 6.91% Weighted average cost of total interest-bearing liabilities 2.42% 3.52% 2.68% 3.53% Interest rate spread during period 3.24% 3.34% 3.29% 3.38% Net interest margin (net interest income divided by average interest-earning assets on annualized basis) 3.28% 3.38% 3.35% 3.45% Total interest income divided by average total assets (on annualized basis) 5.22% 6.33% 5.51% 6.31% Total interest expense divided by average total assets (on annualized basis) 2.18% 3.18% 2.42% 3.16% Net interest income divided by average total assets (on annualized basis) 3.03% 3.12% 3.09% 3.15% Return on assets (net income divided by average total assets on annualized basis) 0.63% 0.74% 0.54% 0.70% Return on equity (net income divided by average total equity on annualized basis) 8.03% 9.58% 7.11% 8.88% December 31, December 31, 2008 2007 Book value per common share outstanding $20.98 $20.02 Nonperforming Assets: Loans: Non-accrual $22,534 $10,516 Past due 90 days or more 518 64 Restructured 1,282 874 -------- -------- Total nonperforming loans 24,334 11,454 Real estate owned, net 3,335 286 Other repossessed assets, net 44 25 -------- -------- Total Nonperforming Assets $27,713 $11,765 Nonperforming assets divided by total assets 2.86% 1.29% Nonperforming loans divided by total loans 3.03% 1.51% Balance in Allowance for Loan Losses $8,589 $6,972
SOURCE Indiana Community Bancorp